An employee cleans a company vehicle at a Waste Management facility on February 12, 2024 in Austin, Texas.
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waste management Illinois waste management company to be acquired Sterry cycle In a deal worth about $7.2 billion, the two companies declare on Monday.
Under the agreement, WM will acquire all outstanding shares of Stericycle for $62 per share in cash. This represents the total value of the transaction, which includes Stericycle’s net debt of approximately $1.4 billion.
The per-share price also represents a 24% premium to Stericycle’s 60-day volume-weighted average price as of May 23 (the last trading day before the Bloomberg report) report Stericycle is considering a potential sale after receiving takeover offers.
The companies said the deal has been unanimously approved by the board of directors and is expected to close as soon as the fourth quarter of 2024.
After the news was announced, Stericycle’s stock price rose about 15% during Monday’s trading session, while WM’s stock price fell more than 2%.
The news comes one day after the Wall Street Journal report WM is closing in on a deal to acquire Stericycle.
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